ACC 403 QUIZ 3 (1)

ACC 403 QUIZ 3 (1)

Author: Christine Farr


The Foreign Corrupt Practices Act (FCPA) of 1977:

In the auditing environment, failure to meet auditing standards is often:

In the performance of an audit, a CPA:

The principal issue to be resolved in cases involving alleged negligence is usually:

Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

"Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

A broad interpretation of the rights of third-party beneficiaries holds that users that the auditor should have been able to foresee as being likely users of financial statements have the same rights as those with privity of contract. This is known as the concept of:

Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an opinion, even though there was no intent to deceive financial statement users. This description is the legal term for:

In an action against a CPA in a jurisdiction that follows the Ultramares doctrine, lack of privity is a viable defense provided the plaintiff:

If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal control provisions have been largely superseded by which of the following?

In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if:

The principal issue in cases involving alleged negligence is usually:

Fraud occurs when:

Laws that have been passed by the U.S. Congress and other governmental units are:

Tests of details of balances are specific audit procedures that are intended to:

If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor:

In certifying their annual financial statements, the CEO and CFO of a public company certify that the financial statements comply with the requirements of:

In testing for cutoff, the objective is to determine:

The most important general ledger account included in and affecting several cycles is the:

Management assertions are:

The cycle approach to auditing:

The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to:

The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the:

An audit must be performed with an attitude of professional skepticism. Professional skepticism consists of two primary components: a questioning mind and:

When an auditor believes that an illegal act may have occurred, the auditor should first:

Which of the following assertions is described as "this assertion addresses whether all transactions that should be included in the financial statements are in fact included"?

The posting and summarization audit objective is the auditor's counterpart to management's assertion of:

Which of the following statements is the most correct regarding errors and fraud?

Auditors accumulate evidence to:

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